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5) When Michael was born, his grandfather arranged to deposit $6,000 in an account for him at 5% annual interest compounded continuously. Grandfather plans to
5) When Michael was born, his grandfather arranged to deposit $6,000 in an account for him at 5% annual interest compounded continuously. Grandfather plans to add to the account "continuously" at the rate of $1,200 a year. How much will be in the account when Michael is 21? (10 pts)
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Cima Official Learning System Fundamentals Of Business Mathematics
Authors: Graham Eaton
4th Edition
1856177831, 978-1856177832
